COMMERZBANK AKTIENGESELLSCHAFT

Transkript

1 This prospectus constitutes a base prospectus (the "Base Prospectus" or the "Prospectus") in respect of non-equity securities within the meaning of Article 22 Para.(6) No. 4 of the Commission Regulation (EC) No 809/2004 of April 29, 2004 (the "Commission Regulation"). Base Prospectus October 19, 2010 COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Federal Republic of Germany 5,000,000,000 Credit Linked Note Programme (the "Programme") Application has been made to the Bundesanstalt für Finanzdienstleistungsaufsicht ("BaFin") in its capacity as competent authority (the "Competent Authority") in the Federal Republic of Germany under the German Securities Prospectus Act (Wertpapierprospektgesetz) for the approval of this Base Prospectus and to the Stuttgart Stock Exchange (Baden-Württembergische Wertpapierbörse) to list credit linked bearer notes (the "Notes") to be issued under the Programme on the regulated market (regulierter Markt) of the Stuttgart Stock Exchange. Notes may also be listed on any other stock exchange ("Alternative Stock Exchange") or may be unlisted as specified in the relevant Final Terms (as defined herein). The Notes or securities, if any, to be delivered upon any redemption of the Notes have not been and will not be registered under the U.S. Securities Act of 1933 (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States, and trading in the Notes has not been approved by the U.S. Commodity Futures Trading Commission under the U.S. Commodity Exchange Act. The Notes may be subject to U.S. tax law requirements. Subject to certain exceptions, the Notes may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in the U.S. Internal Revenue Code of 1986, as amended, and regulations thereunder and in Regulation S under the Securities Act). For more details, see "Selling Restrictions", page 219 et seq. hereof. Interests in Notes issued in the form of a Temporary Global Note will be exchangeable, in whole or in part, for interests in a Permanent Global Note on or after the date 40 days after the later of the commencement of the offering and the relevant issue date, upon certification as to non-u.s. beneficial ownership.

2 Table of Contents Page Summary... 1 Summary of Risk Factors... 1 General Description of the Programme... 8 Summary of the Programme Terms and Conditions of the Notes... 9 Summary relating to Commerzbank Aktiengesellschaft Deutsche Übersetzung der Zusammenfassung Zusammenfassung Zusammenfassung der Risikofaktoren Allgemeine Beschreibung des Programms Zusammenfassung der Programm-Anleihebedingungen Zusammenfassung hinsichtlich der Commerzbank Aktiengesellschaft Risk Factors Risk Factors relating to the Notes Risk Factors relating to Commerzbank Aktiengesellschaft Important Notice about this Prospectus General Information Instruction for the use of the Programme Terms and Conditions of the Notes Programme Terms and Conditions of the Notes Form of Final Terms Commerzbank Aktiengesellschaft Taxation Selling Restrictions Documents Incorporated by Reference Address List...A-1 Signature Page...S-1 i

3 Summary The following constitutes a summary (the "Summary") of the essential characteristics and risks associated with Commerzbank Aktiengesellschaft (the "Issuer", the "Bank", or "Commerzbank", and together with its consolidated subsidiaries "Commerzbank Group" or the "Group") and the Notes to be issued under the Programme. This Summary should be read as an introduction to this Prospectus. Any decision by an investor to invest in an issue of a Series of Notes during the lifetime of this Prospectus should be based on consideration of this Prospectus as a whole, including the documents incorporated by reference and supplements to the Prospectus and the relevant final terms within the meaning of Art. 26 No. 5 of the Commission Regulation (EC) No. 809/2004 of 29 April 2004 (the "Final Terms"). Where a claim relating to the information contained in this Prospectus, any supplement to the Prospectus and the relevant Final Terms is brought before a court, the plaintiff investor might, under the national legislation of such court, have to bear the costs of translating the Prospectus, any supplement to the Prospectus and the relevant Final Terms before the legal proceedings are initiated. Civil liability attaches to the Issuer who has tabled this Summary including any translation thereof and applied for its notification, but only if the Summary is misleading, inaccurate or inconsistent when read together with the other parts of this Prospectus. The following Summary does not purport to be complete and is taken from, and is qualified in its entirety by, the remainder of this Prospectus and, in relation to the terms and conditions of any particular Series of Notes, the applicable Final Terms. Expressions defined or used in the Programme Terms and Conditions of the Notes (the "Terms and Conditions") or elsewhere in the Prospectus shall have the same meaning in this Summary. Summary of Risk Factors The purchase of the Notes issued under the Programme is associated with certain risks summarised below. The specific risks are based on the nature of the Notes issued from time to time and may only be set out in the respective Final Terms, which must therefore always be included in the assessment of risks. An investment in the Notes requires exact knowledge of the respective transaction. Investors should have reasonable knowledge of and experience in financial and business matters and be experienced with investments in Notes linked to certain events and reference underlyings, if applicable and know the associated risks. Prospective investors of the Notes offered hereby should consider their current financial circumstances and investment objectives and always consult their own financial, legal and tax advisers with regard to the suitability of such Notes in light of their personal circumstances before acquiring such Notes. Should one or several of the following risks occur, this could lead to a material decline in the price of the Notes or, in the worst-case scenario, to a total loss of interest and of the amount invested by the investors. Risk Factors relating to the Notes Risk Factors relating to the Credit Linkage of the Notes The Notes to be issued are linked to one or more private sector entities or public sector entities, as the case may be (the "Reference Entities") and therefore subject to the occurrence of one or more Credit Events (as defined herein) and may be also subject to Trigger Events (as defined herein) related to those Reference Entities (together "Credit Linkage Events"). 1

4 A credit event occurs if during the relevant Observation Period(s) certain circumstances occur, having economically adverse effects on a Reference Entity, in particular Bankruptcy, Failure to Pay, Restructuring, Obligation Acceleration, Repudiation/Moratorium as specified in the Final Terms ("Credit Event"). In addition, the Final Terms may provide for potential failure to pay. A potential failure to pay is not a Credit Event. However, it occurs if a Failure to Pay threatens to occur because a grace period under the payment obligation which has not expired by the end of the Observation Period has to be taken into account in accordance with the Final Terms ("Potential Failure to Pay"). If in this case a Failure to Pay eventually occurs upon expiry of a grace period and/or a corresponding extension period under the Notes (resulting from the corresponding Potential Failure to Pay), such Failure to Pay, in spite of having occurred only after the end of the relevant Observation Period is deemed to be a relevant Credit Event which can be notified to the Noteholders and thus may have effects on the Notes in accordance with the Final Terms. If the Final Terms do not provide for Potential Failure to Pay, the risk that a Failure to Pay occurs is even higher since grace periods (if any) under the payment obligation are not taken into account, e.g. a Failure to Pay would occur immediately if payments of a certain threshold amount are not made as they become due. A trigger event occurs if during the relevant Observation Period (i) the Credit Default Swap Spread linked to the Reference Entity or one of the Reference Entities is greater than a certain level, (ii) the weighted average of the Credit Default Swap Spreads linked to each of the Reference Entities is equal to or greater than a certain level, or (iii) the market price of the Notes falls below a certain level, each such level being specified in the Final Terms ("Trigger Event"). The Credit Default Swap Spread is the market offer price payable for a Hypothetical Credit Default Swap with a certain maturity and nominal amount (as specified in the Final Terms) providing for the respective credit protection. Upon the occurrence of a Credit Linkage Event, the Notes may cease to bear interest or interest may be payable on a reduced basis. With respect to Notes which do not provide for capital protection (the "Derivative Notes"), such Credit Linkage Events may, in addition, lead to a redemption at maturity or an early redemption (i) at a Cash Settlement Amount (following the occurrence of (a) Credit Event(s)), a Spread Cash Settlement Amount or a Trigger Cash Settlement Amount (following the occurrence of Trigger Events), as the case may be, (together the "Cash Settlement Amount") or (ii) by delivery of a certain number of bonds, loans or any other deliverable obligations of a Reference Entity ("Deliverable Obligation") specified in the Final Terms and selected by the Issuer in its own discretion. Hence, by purchasing the Derivative Notes, prospective investors are also making an investment decision with respect to the Reference Entity or the Reference Entities, as the case may be. The determination of the Cash Settlement Amount may be based on the market value of certain Reference Obligations of the affected Reference Entity. The value of the Reference Obligation(s) or Deliverable Obligation(s) may after the occurrence of a Credit Event be significantly lower then their principal amount. Hence, repayments to be made at maturity may not be made at all or only on a reduced basis. If the Notes are linked to a portfolio of Reference Entities with respect to which the Final Terms provide for a continuous, computed cash settlement following each Credit Event that occurs with respect to the Reference Entities, the Notes will be subject to an adjustment of the (Early) Redemption Amount, which would be paid if no Credit Event occurred, taking into account the applicable Final Price for the relevant Reference Obligation. Upon occurrence of a Trigger Event, the Final Terms may provide that the calculation of the payable amount will generally be based on either (i) the current market value of the Notes or (ii) the performances of one or more Hypothetical Credit Default Swaps relating to the Reference Entities. Therefore, if a Credit Linkage Event occurs with regard to a Derivative Note investors may only receive a fraction of the invested capital or may suffer a total loss of the capital invested and loss of interest. In addition, there is a reinvestment risk. 2

5 The effects of Credit Linkage Events on the Notes may be leveraged, meaning that (i) where the Principal Amount of the Note is lower than the sum of the Weighted Amounts of all Reference Entities, Credit Linkage Events do not affect the payments under the Notes proportionally to their weighting within the portfolio but by the absolute Weighted Amount of the respective Reference Entity, or (ii) the Weighted Amount of the respective Reference Entity is multiplied by a factor. Further, Credit Linkage Events may not have direct effects on the payments under the Notes in cases where Credit Linkage Events below a certain threshold are not taken into account. In case of (early) redemption by physical delivery prospective investors must be aware that, as a result of such a physical delivery, investors and their investment no longer depend on the creditworthiness of the Issuer but on the value of the Deliverable Obligations actually delivered. The value of any such delivered obligation might be significantly less than the capital invested by the investor and may, in extreme cases, even be zero. In addition to such credit linkage, the Notes may be linked to certain underlyings, i.e. the amount payable upon redemption and/or interest payments on the Notes are linked to the performance of certain underlyings such as shares, share baskets, currencies, currency baskets, interest rates, interest rate structures, indices and index baskets (the "Reference Underlyings"). As the Notes can, in addition to credit linkage, provide for linkage to Reference Underlyings, the risk for the investors, as described above, is cumulative or exponentially increased (for further aspects of risks relating to underlying linkage, see "Additional Risks with respect to Notes with Underlying Linkage" below). The Notes do not create any legal relationship between the holders of the Notes (the "Noteholders") and the Reference Entities, and the Noteholders will not have any right of recourse against the relevant Reference Entity in the event of any loss. If during the term of the Notes, the creditworthiness of one or more Reference Entities deteriorates significantly without the occurrence of a Credit Linkage Event being imminent, this may materially adversely affect the market price of the Notes. The correlation between Reference Entities may affect the market price of the Notes linked to more than one of the Reference Entities. Depending on the structure of the Notes, a change in correlation can have a positive or negative effect on the market value of the Notes. The Final Terms may set out credit ratings of the specified Reference Entities issued by private rating institutions. In spite of its wide-spread application a rating is merely a condensed measure of assessing the ability of an issuer to meet its payment obligations. The factors influencing the way ratings are arrived at are not always transparent. The rating agencies expressly state that their ratings should be used as an assistance in preparing, but not as a substitute for, one s own analysis. As a result of mergers or other events, the Reference Entity or, in the case of more than one Reference Entity, the Reference Entities within the portfolio of Reference Entities may change and any risk which may result from such a change of Reference Entities will be borne by the Noteholders. The Issuer, the Determination Agent and their affiliates may be in possession of information in relation to any Reference Entities that may not be publicly available or not known to the Noteholders and may be subject to conflicts of interest. General Risks relating to the value of the Notes and related investment costs and expenses The market for debt securities issued by German companies and banks is influenced by economic and market conditions in Germany and, to varying degrees, by market conditions, interest rates, currency exchange rates and inflation rates in other European and other industrialised countries. 3

6 There can be no assurance that an active trading market will develop or be maintained for all Notes. If an active trading market for the Notes does not develop or is not maintained, the market or trading price of the Notes and the possibility to sell the Notes at any time may be adversely affected. When Notes are purchased or sold, several types of incidental and consequential costs (including transaction fees, commissions and deposit fees) are incurred in addition to the current price of the Notes. These incidental costs may significantly reduce or even exclude the profit potential of the Notes. In case of Physical Settlement investors may be required to bear all costs, fees, expenses and taxes associated with the delivery of the Deliverable Obligations. Noteholders should not rely on being able to enter into transactions during the term of the Notes which would enable them to exclude any risks in connection with their Notes. Payments of interest on the Notes, or profits realised by the Noteholder upon the sale or repayment of the Notes, may be subject to taxation in its home jurisdiction or in other jurisdictions in which it is required to pay taxes. Any interest paid may only be invested at the market interest rate applicable from time to time, which may not have developed as expected. If the purchase of Notes is financed through loans and there is a subsequent delay or failure in payments of the Issuer with regard to the Notes or if a Credit Linkage Event occurs or the price decreases considerably, the Noteholder does not only have to accept the loss incurred but also pay interest on and redeem the loan. This may considerably increase the risk of loss. A Noteholder should not rely on the prospect of being able to redeem the loan or pay interest on the loan out of transaction profits. The Terms and Conditions will be governed by German law. No assurance can be given as to the impact of any possible judicial decision or change in German law or administrative practice after the date of this Prospectus. Payment Risks not relating to the Credit Linkage of the Notes Due to varying interest income, Noteholders are not able to determine a definite yield of floating rate Notes at the time they purchase them. Reverse floating rate Notes are also subject to sharp price fluctuations, so that their return on investment cannot be compared with that of investments having fixed interest rates. Changes in market interest rates have a substantially stronger impact on the prices of zero coupon Notes than on the prices of ordinary Notes because the discounted issue prices are substantially below par, which is due to the discounting. A holder of a Note denominated in a foreign currency and a holder of a dual currency Note is exposed to the risk of changes in currency exchange rates which may affect the yield of such Notes. The early redemption of a Note may lead to negative deviations from the expected yield and the repaid redemption amount of the Notes may be lower than the purchase price paid by the Noteholder and thus, the invested capital may be partially or completely lost. Furthermore, there is the possibility that Noteholders may invest the amounts received upon early redemption only at a rate of return which is lower than that of the Notes redeemed. Additional Risks with respect to Notes with Underlying Linkage Investments in Notes where, irrespective of any credit linkage, the interest payment and/or the amount payable upon redemption is linked to the performance of underlyings (such as shares, share baskets, 4

7 currencies, currency baskets, interest rates, interest rate structures, indices and index baskets), always include the risk that investors may receive less than their amount invested or, in extreme cases, suffer a total loss of their amount invested and/or loss of interest. The Reference Underlying a Note relates to may be subject to considerable changes, due to their composition or fluctuations in value of their components. A Note referring to more than one Reference Underlying may have a cumulative or even exponentially increased risk compared to a Note which is only related to one Reference Underlying. Noteholders may not be able to secure themselves against these different risks with regard to Notes. A material market disruption could lead to a substitution of the Reference Underlying or an early redemption of the Note, so that the risks may be realised prematurely or any original chances are lost and new risks may be incurred. Furthermore, the value of a Note, as it is dependent on one or several Reference Underlyings will accordingly also be subject to cumulative risks in the secondary market. The performance of any respective Reference Underlying is subject to a series of associated factors, including economic, financial and political events beyond the control of the Issuer. If the formula used to determine the amount of principal, premium and/or interest payable with respect to Notes linked to an underlying contains a multiplier or factor or maximum/minimum interest or repayment limits, the effect of any change in the applicable Reference Underlying will be increased with regard to the amount payable. The historical performance of the Reference Underlying may not be regarded as significant for the future performance during the term of Notes linked to an underlying. The Issuer may enter into transactions for its own account or for account of customers, which also relate to Reference Underlyings under the Notes. On the issue date of such Notes or thereafter, the Issuer and its affiliated companies may have information with regard to the Reference Underlyings which may be material to the holders of such Notes and which may not be accessible to the public or known to Noteholders. Risk Factors relating to Commerzbank Aktiengesellschaft The Issuer is subject to various market- and sector-specific as well as company-specific risks, which if they materialised could have a considerable impact on the Issuer's net assets, financial position and earnings performance, and consequently on the Issuer's ability to meet its commitments arising from the Securities. Such risks include: Strategic Risks There is a risk that the Group may not be able to implement its strategic plans, that it may not be able to implement them in full or that it will only be able to implement them at costs that are higher than planned. The markets in which the Group operates, especially the German market and within that market the activities in retail and investment banking, are characterised by intense competition in terms of prices and conditions, which puts substantial pressure on margins. Financing Risks The Group is exposed to the risk of being unable to meet its current and future payment obligations or of being unable to fulfil such obligations on time. A downgrade in the rating of Commerzbank or one of its subsidiaries may make refinancing more difficult and/or more expensive and entitle contracting partners to terminate derivative transactions or to require additional collateral. Risks arising from the Integration of the Former Dresdner Bank Expected synergetic effects may be smaller or be realised at a later date than expected. 5

8 The integration of Dresdner Bank into the Group involves significant costs and investments which can be higher than expected. The sales partnership between Allianz and the Group in respect of the sale and distribution of asset management and insurance products may not result in the expected advantages. There is a risk that the customers of the former Dresdner Bank may not remain customers of the Group in the long term. Credit Risks The Group is subject to credit risks, especially creditworthiness and counterparty risks as well as settlement risks and country risks. The real estate finance operations of Eurohypo also includes collateral risk. Risks arising from Structured Credit Products The Group is subject to the risk of impairments and losses in respect of both financial instruments with subprime exposure and other structured financial instruments. In connection with OTC derivatives in particular the Group is subject to default risks vis-à-vis bond and credit insurers. Market Risks The Group is subject to market price risks with regard to the valuation of shares and fund units. Furthermore, the Group is subject to market price risks in the form of interest rate risks, credit spread risks, commodity price risks as well as volatility and correlation risks. The hedging strategies against these risks may prove to be ineffective. Currency Risks The Group is subject to risks in relation to currency fluctuations and conversion differences. Risks arising from Equity Investments The Group is subject to risks in relation to its equity investments in listed and unlisted companies. Risks arising from Pension Obligations The Group is subject to risks due to direct and indirect pension obligations. Operational Risks As part of its normal business activities, the Group conducts a large number of complex transactions in a wide range of jurisdictions and in this connection is exposed to a variety of operational risks. IT Risks The comprehensive institutional banking carried out by the Group is highly dependent on complex ITsystems whose functionality may be impacted by internal and external circumstances. Personnel Risks It cannot be ruled out that it will not succeed in continuing to hire and retain highly qualified employees in future. Regulatory, Legal and Reputational Risks The bank regulatory regime in the various countries in which the Group operates may change at any time, and non-compliance with regulatory provisions can result in the imposition of penalties and other disadvantages, up to the loss of administrative licenses. 6

9 Losses resulting from pending or potentially imminent judicial, arbitration and regulatory proceedings might exceed the provisions made for them. The measures the Group has taken for the data protection purposes and to ensure data protection could prove to be inadequate. The Group is subject to tax risks. It cannot be ruled out that the Group will be unable to adequately and timely satisfy the conditions imposed by the European Commission in connection with the stabilisation measures taken up by the Group. The legal relationships between the Group and its clients are based on standardised contracts and forms prepared for a multitude of business transactions. Individual application problems or errors in such documentation therefore may affect a large number of customer relationships. The Group is subject to various reputational risks. 7

10 General Description of the Programme Issuer: Determination Agent: Paying Agents: Regulatory Matters: Type of Notes Currencies: Amount: Listing: Selling Restrictions: Commerzbank Aktiengesellschaft Commerzbank Aktiengesellschaft Commerzbank Aktiengesellschaft, Frankfurt am Main, shall be Principal Paying Agent. The Issuer is entitled to appoint other banks of international standing as Principal Paying Agent or additional Paying Agents. Any issue of Notes denominated in a currency in respect of which particular laws, regulations, guidelines, policies and central bank requirements apply will only be issued in circumstances which comply with such laws, regulations, guidelines, policies and central bank requirements from time to time. The Notes are linked to one or more Reference Entities and therefore subject to the occurrence of one or more Credit Events and may be also subject to Trigger Events related to those Reference Entities. In addition to such Credit Linkage, the Notes may be linked to Reference Underlyings, e.g. the amounts payable under the Notes are linked to the performance of certain underlyings (such as shares, share baskets, currencies, currency baskets, interest rates, interest rate structures, indices and index baskets). The Credit-Linkage and/or the linkage to Reference Underlyings can be limited to the payment of interest ("Principal Protected Notes") or such Credit Linkage or linkage to Reference Underlyings may also apply to the payment of principal ("Derivative Notes"). The relevant Final Terms may provide that the Derivative Notes are redeemable in cash or by delivery of a given number of the Deliverable Obligation(s). Subject to any applicable legal or regulatory restrictions, and requirements of relevant central banks, Notes may be issued in Euro or such other freely transferable currencies or currency units (each an "Alternative Currency") as may be specified in the Final Terms. The maximum aggregate principal amount of all Notes outstanding at any one time under the Programme will not exceed 5,000,000,000 (or its equivalent in an Alternative Currency). Application will be made to list the Notes to be issued under the Programme on the regulated market (regulierter Markt) of the Stuttgart Stock Exchange (Baden- Württembergische Wertpapierbörse). Notes may also be listed on any other stock exchange (an "Alternative Stock Exchange") or may be unlisted as specified in the relevant Final Terms. Each issue of Notes will be made in accordance with the laws, regulations and legal decrees and any restrictions applicable in the relevant jurisdiction. Any offer and sale of the Notes is subject to the selling restrictions in particular in the member states to the Agreement on the European Economic Area (EEA), in the United States, the United Kingdom and Switzerland. 8

11 Summary of the Programme Terms and Conditions of the Notes Form of Notes: The Notes shall be issued in bearer form. Series of Notes with respect to which the U.S. Treasury Regulation (c)(2)(i)(c) applies will be represented by a Permanent Global Note. Series of Notes with respect to which the U.S. Treasury Regulation (c)(2)(i)(d) will initially be represented by a Temporary Global Note. The Temporary Global Note will be exchanged for a Permanent Global Note not earlier than 40 days after the relevant issue date upon certification of non-us beneficial ownership. Credit-Linkage: Reference Entities: Credit Events: Trigger Events: Credit-Linkage of Interest Payments: The Notes to be issued are linked to one or more Reference Entities and therefore are subject to the occurrence of one or more Credit Events and may also be subject to Trigger Events related to those Reference Entities. Therefore, the payment of interest under the Notes (in the case of Principal Protected Notes) and the repayment of principal depend on whether one or more Credit Linkage Events in relation to one or more Reference Entities occur. The applicable Final Terms will specify one or more Reference Entities, which will be private sector entities or public sector entities (e.g. sovereign states) and will contain information on the relevant Reference Entities. The Reference Entity or the relevant portfolio of Reference Entities may be subject to adjustment upon the occurrence of Succession Events. Upon the occurrence of a Succession Event with respect to any Reference Entity, such Reference Entity will be replaced by (a) Successor(s). The applicable Final Terms will contain provisions regarding the selection of the Successor(s). The Final Terms may provide for one or more of the following Credit Events: Failure to Pay, Obligation Acceleration, Restructuring, Bankruptcy, Repudiation/Moratorium, as specified in the applicable Final Terms. A Trigger Event occurs if during the relevant Observation Period (i) the offer price of the Credit Default Swap Spread linked to the Reference Entity or one of the Reference Entities is greater than a certain level, (ii) the weighted average of the Credit Default Swap Spreads linked to each of the Reference Entities is equal to or greater than a certain level, or (iii) the market price of the Notes falls below a certain level, each such level being specified in the Final Terms. The offer price for a Credit Default Swap Spread is the market offer price payable for a Hypothetical Credit Default Swap with a certain maturity and nominal amount (as specified in the Final Terms) providing for the respective credit protection. The Final Terms may provide that in case of interest-bearing Notes, the Credit Linkage applies to the interest payments to be made under the Notes. In such case the Notes (i) will cease to bear interest, or (ii) interest will be adjusted in accordance with a formula reflecting the occurrence of the Credit Linkage Event. In the case of more than one Reference Entity, the Final Terms may provide that each Credit Linkage Event will affect the interest payments to be made or that a particular Credit Linkage Event out of several such events will have such effect. In each of the above cases, the Final Terms will provide for the interest adjustment formula and explain the mathematical effect of the occurrence of a Credit Linkage Event. 9

12 Credit-Linkage of Principal Payment: In the case of Derivative Notes only, the Final Terms may provide that the Credit Linkage also applies to payments of capital to be made under the Notes, which means that payment of capital will be adjusted (including in certain cases an up-ward adjustment) in accordance with a formula reflecting the occurrence of the Credit Linkage Event. In the case of one Reference Entity or Nth-to-Default, the Notes will be redeemed early upon occurrence of one and/or the Credit Event relating to the Nth Reference Entity and/or Trigger Event, as specified in the Final Terms. Irrespective of a Credit Event, the redemption amount may be adjusted upon the occurrence of a Trigger Event in accordance with a certain formula, as specified in the Final Terms. The Derivative Notes may be redeemable, either in cash or by delivery of a given number of the Deliverable Obligation(s) as specified in the relevant Final Terms. Also the Final Terms may provide that the Notes shall automatically terminate and the Issuer shall not owe any redemption payment upon the occurrence of a Credit Event if the Adjusted Principal Amount has been reduced to zero for the first time. Interest: Fixed Rate Notes: Floating Rate Notes: The Final Terms can provide that the Notes are issued as interest bearing or noninterest bearing Notes (including Zero Coupon Notes). Fixed rate interest will be payable on such basis as agreed between the Issuer and the relevant dealer (as indicated in the applicable Terms and Conditions and the Final Terms of each Series of Notes). Floating Rate Notes will bear interest on such basis as may be agreed between the Issuer and the relevant dealer (as set out in the applicable Terms and Conditions and the Final Terms of each Series of Notes). The Margin, if any, relating to such floating rate will be agreed between the Issuer and the relevant dealer for each Series of Floating Rate Notes. Interest periods for Floating Rate Notes will be one, two, three, six or twelve months or such other period(s) as may be agreed between the Issuer and the relevant dealer, as set out in the applicable Terms and Conditions and the Final Terms of each Series of Notes. Other provisions in relation to Floating Rate Notes and structured Notes: Floating Rate Notes and structured Notes may also have a maximum interest rate, a minimum interest rate or both. Interest on Floating Rate Notes and structured Notes in respect of each Interest Period, as selected prior to issue by the Issuer and the relevant dealer, will be payable on such Interest Payment Dates specified in, or determined pursuant to, the applicable Terms and Conditions and the Final Terms and will be calculated as indicated in the applicable Terms and Conditions and the Final Terms. Dual Currency Notes: Payments (whether in respect of principal or interest and whether at maturity or otherwise) in respect of Dual Currency Notes will be made in such currencies, and based on such rates of exchange, as indicated in the applicable Final Terms. Non-Interest Bearing Notes and Zero Coupon Notes: Non-interest bearing Notes and Zero Coupon Notes may be offered and sold with such features as specified in the applicable Final Terms. 10

13 Principal Protected Notes: Derivative Notes: Adjusted Principal Amount: Cash Settlement Amount: Unless redeemed early, Principal Protected Notes will be redeemed at maturity, at an aggregate of 100% or more of their principal amount. The Redemption Date in relation to the principal amount at maturity will be specified in the applicable Final Terms. Derivative Notes do not provide for principal protection upon redemption. In addition to the credit linkage the applicable Final Terms may provide for the Redemption Amount to be linked to one or more Reference Underlyings, specifying the determination of such asset linkage at maturity, subject to the occurrence of market disruption or adjustment events. In such a case, the applicable Final Terms will contain related risk factors, if applicable. The Notes will be redeemed at the Redemption Amount unless a Trigger or one or more Credit Events have occurred in which case redemption will be made either in cash or by physical delivery of a given number of the Deliverable Obligation(s), as specified in the applicable Final Terms. The Adjusted Principal Amount will cause an adjustment of the (Early) Redemption Amount, which would be paid if no relevant Credit Event occurred, or be equal to the amount payable upon redemption. Each calculation of an Adjusted Principal Amount will be based on the Final Price of a Reference Obligation (as further described below) of the affected Reference Entity. However, the number of Credit Events that have already occurred as well as the fact that a number of Reference Entities (if any) have not been affected by Credit Events will be taken into account. Thus, the Adjusted Principal Amount may successively decrease or increase, as specified in the applicable Final Terms, taking into account any Credit Event which may subsequently occur. The Cash Settlement Amount will be determined in accordance with 7 of the Terms and Conditions. Similar to the Adjusted Principal Amount, it may be determined on the basis of the Final Price of a Reference Obligation (as further described below) of the affected Reference Entity. However, it will, as a rule, not take into account the value of obligations relating to Reference Entities which have not been affected by a Credit Event. The calculation of the Cash Settlement Amount may differ depending on the Final Terms and what kind of Credit Event has occurred. The Final Terms will provide for specific valuation or quotation methods (including an auction organised by the International Swaps and Derivatives Association, Inc. ("ISDA")) for the purposes of calculating the Final Price. Such calculations will be made subsequent to the occurrence of the Credit Event on the relevant pre defined Valuation Date. The Final Terms may also stipulate and thus preset the Final Prices with respect to each Reference Entity, including a Final Price which could be zero. Spread Cash Settlement Amount: Trigger Cash Settlement Amount: In the case of certain Notes (upon the occurrence of a Trigger Event not relating to the market price of the Notes) the payable Spread Cash Settlement Amount will be determined on the basis of the aggregate of the current market values of Hypothetical Credit Default Swaps relating to the Reference Entities. In the case of certain Notes (upon the occurrence of a Trigger Event relating to the market price of the Notes) the payable Trigger Cash Settlement Amount will be determined on the basis of the current market value of the Notes. 11

14 Physical Settlement Amount The Physical Settlement Amount will be determined in accordance with 7 of the Terms and Conditions as the pro-rata portion of the Outstanding Principle Balance or Due and Payable Amount of the Deliverable Obligation(s), which in general will equal the outstanding aggregate Principal Amount of the Notes, unless otherwise specified in the Final Terms. Deliverable Obligation(s) are obligations of the Reference Entity selected by the Issuer which satisfy the relevant Deliverable Obligation Categories and Deliverable Obligation Characteristics set out in the Final Terms. The market value of the selected Deliverable Obligation(s) delivered following the occurrence of the Credit Event will not be taken into account. In the case of a remaining fraction of the Deliverable Obligation(s) the Final Terms may provide for a payment of a cash amount equal to the value of such fraction of the Deliverable Obligation as stated in the Physical Settlement Amount. Under certain circumstances, as specified in the Final Terms, the Issuer is not obliged to transfer the Deliverable Obligations. In this case the Issuer shall pay the Partial Cash Settlement Amount as determined in the applicable Final Terms. Redemption at Maturity and Early Redemption: Early Redemption for Taxation reasons: Substitution of Issuers; Branch Designation: The applicable Final Terms will indicate either that the Notes cannot be redeemed prior to their stated maturity (except due to occurrence of a Credit Linkage Event, for taxation reasons, or upon the occurrence of an event of default) or that the Notes will be redeemable at the option of the Issuer and/ or the Noteholders upon giving notice within the notice period (if any) indicated in the applicable Final Terms, as the case may be, on a date or dates specified prior to such stated maturity and at a price or prices and on such terms as indicated in the applicable Final Terms. Early redemption for taxation reasons will be permitted as provided in 9 of the Terms and Conditions of the Notes. Any company may at any time during the life of a Series of Notes assume all the obligations of the Issuer according to 13 of the Terms and Conditions of each Series of Notes. Upon any such substitution, such substitute company (the "New Issuer") shall succeed to, and be substituted for, and may exercise every right and power of the Issuer under the Terms and Conditions of the Notes with the same effect as if the New Issuer had been named as the Issuer thereunder. The Issuer may at any time, designate any branch or office of the Issuer outside the Federal Republic of Germany as the branch or office primarily responsible for the due and punctual payment in respect of the Notes then outstanding and the performance of all of the Issuer s other obligations under all the Notes then outstanding. Denominations of Notes: Taxation: The Notes may be issued in such denominations as set out in the Terms and Conditions and the Final Terms of each Series of Notes or in each case, such other minimum denomination as may be allowed or required from time to time by the relevant central bank (or equivalent body) or any laws or regulations applicable to the relevant currency. Payments of principal and interest in respect of the Notes will be made without withholding or deduction for or on account of any present or future taxes or duties of whatever nature imposed or levied by or on behalf of the Federal Republic of Germany, or any political subdivision or any authority thereof or therein having power to tax unless such withholding or deduction is required by law. In the event that taxes or duties are imposed or levied, the Issuer will, subject to the exceptions set forth in 9 of the relevant Terms and Conditions, pay such additional amounts as shall be necessary in order that the net amounts received by the Noteholders of the Notes after such 12

15 withholding or deduction shall equal the respective amounts of principal and interest which would otherwise have been receivable in respect of the Notes in the absence of such withholding or deduction. Status: Negative Pledge and Cross Default: Governing Law: Place of Jurisdiction: The Notes will be issued as senior credit-linked Notes, which will constitute direct and unsecured obligations of the Issuer and will rank at least pari passu with all other unsecured and unsubordinated obligations of the Issuer. The Notes will contain no negative pledge and no cross default clause. The laws of the Federal Republic of Germany. Place of jurisdiction shall be Frankfurt am Main. The Issuer expressly submits to the jurisdiction of the courts of the Federal Republic of Germany. 13

16 Summary relating to Commerzbank Aktiengesellschaft Commerzbank Aktiengesellschaft is a stock corporation under German law. The Bank s registered office is located in Frankfurt am Main and its head office is at Kaiserstraße 16 (Kaiserplatz), Frankfurt am Main, Federal Republic of Germany (telephone: +49 (0) ). The Bank is registered in the commercial register of the lower regional court (Amtsgericht) of Frankfurt am Main under the number HRB Commerzbank is a universal bank. The focus of Commerzbank Group's activities is on the provision of a wide range of services to private and Mittelstand customers in Germany such as account administration and payments transactions, lending, savings and investments products, securities services, and capital market and investment banking products and services. The Group is also active in specialised fields through its subsidiaries and equity investments. Furthermore, as part of its bancassurance strategy it offers financial services in cooperation with partners, notably home loan, asset management and insurance business. In addition to its German base, the Group is also active in Central and Eastern Europe via its equity investments in Poland, the Ukraine and Russia. The Commerzbank Group's business activities are divided into six segments: Private Customers, Mittelstandsbank, Central & Eastern Europe, Corporates & Markets, Asset Based Finance and Portfolio Restructuring Unit (PRU). The Private Customers segment offers private and business customers a broad range of standardised banking and financial services such as payments, savings and loan business, securities business, private provision for old age products, building loan contracts and insurances. Wealth Management and the direct bank comdirect bank AG are also included in this segment. The Mittelstandsbank segment bundles the business with small to medium-sized customers, the public sector, institutional customers as well its relationship to banks, financial institutions and central banks in Germany and abroad. In addition, this segment comprises the centre of competence for the financing of plants for the extraction of renewable energies. The segment Central & Eastern Europe comprises the Group's activities in Central and Eastern Europe. The Corporates & Markets segment represents the customer oriented capital markets activities as well as the commercial business with multinational customers and large customers. The segment Asset Based Finance comprises the asset-based lending business in the areas real estate and public financing as well as the other commercial real estate and public finance portfolios and ship finance. The segment Portfolio Restructuring Unit comprises the cutback portfolios of the Group. 14

17 Deutsche Übersetzung der Zusammenfassung Zusammenfassung Der folgende Abschnitt enthält eine Zusammenfassung (die "Zusammenfassung") der wesentlichen mit der Commerzbank Aktiengesellschaft (die "Emittentin", die "Bank" oder "Commerzbank", und zusammen mit ihren konsolidierten Tochtergesellschaften der "Commerzbank-Konzern" oder der "Konzern") und den im Rahmen des Programms zu begebenden Teilschuldverschreibungen verbundenen Merkmale und Risiken. Diese Zusammenfassung ist als Einleitung zu diesem Prospekt zu verstehen. Jede Entscheidung eines Investors über eine Investition in eine ausgegebene Serie von Teilschuldverschreibungen während der Gültigkeitsdauer dieses Prospektes sollte auf der Prüfung des gesamten Prospekts basieren, einschließlich der durch Verweis einbezogenen Dokumente, der Nachträge zum Prospekt und den endgültigen Bedingungen im Sinne des Art. 26 Ziff. 5 Verordnung (EG) Nr. 809/2004 der Kommission vom 29. April 2004 (die "Endgültigen Bedingungen"). Für den Fall, dass vor einem Gericht Ansprüche aufgrund der in diesem Prospekt, einem Nachtrag und den jeweiligen Endgültigen Bedingungen enthaltenen Informationen geltend gemacht werden, könnte der klagende Anleger nach der für das betreffende Gericht geltenden einzelstaatlichen Rechtsordnung etwaige Kosten für eine vor Prozessbeginn erforderliche Übersetzung des Prospekts, eines Nachtrags und der jeweiligen Endgültigen Bedingungen zu tragen haben. Die Emittentin, die diese Zusammenfassung einschließlich einer Übersetzung vorgelegt und ihre Notifizierung beantragt hat, kann zivilrechtlich haftbar gemacht werden, soweit diese Zusammenfassung irreführend, unrichtig oder widersprüchlich ist, wenn sie zusammen mit den anderen Teilen dieses Prospekts gelesen wird. Die folgende Zusammenfassung erhebt keinen Anspruch auf Vollständigkeit. Sie ist ein Auszug aus dem Prospekt im Übrigen sowie, in Bezug auf die Anleihebedingungen einer bestimmten Serie von Teilschuldverschreibungen, den jeweiligen Endgültigen Bedingungen und ist im Zusammenhang mit diesen und dem Prospekt im Übrigen zu lesen. Begriffe, die in den Programm-Anleihebedingungen (die "Anleihebedingungen") oder an anderer Stelle im Prospekt definiert oder verwendet werden, haben dieselbe Bedeutung in dieser Zusammenfassung. Zusammenfassung der Risikofaktoren Der Erwerb von unter dem Programm begebenen Teilschuldverschreibungen ist mit bestimmten im Folgenden zusammengefassten Risiken verbunden. Die konkreten Risiken ergeben sich aus der Natur der im Einzelfall begebenen Teilschuldverschreibungen und sind mitunter erst in den jeweiligen Endgültigen Bedingungen dargestellt. Diese sind immer mit in die Risikobetrachtung einzubeziehen. Anleger sollten daher neben den übrigen Informationen über die Emittentin und die Teilschuldverschreibungen auch die Risiken, die im Abschnitt "Risikofaktoren" in diesem Prospekt und in den Endgültigen Bedingungen im Einzelnen beschrieben sind, für ihre Entscheidung über eine Investition heranziehen. Eine Anlage in die Teilschuldverschreibungen erfordert die genaue Kenntnis der Funktionsweise der jeweiligen Transaktion. Anleger sollten über das erforderliche Wissen und Erfahrung in Finanzgeschäften und anderen geschäftlichen Angelegenheiten verfügen und Erfahrung mit der Anlage in Teilschuldverschreibungen haben, die Ereignisabhängig oder von zu Grunde liegenden Referenzwerten abhängig sind, und sie sollten die damit verbundenen Risiken kennen. Potentielle Anleger sollten bei der Entscheidung über einen Erwerb von Teilschuldverschreibungen, die mit diesem Prospekt angeboten werden, zunächst ihre finanzielle Situation und ihre Anlageziele einbeziehen und die Eignung solcher Teilschuldverschreibungen angesichts ihrer persönlichen Umstände vor Erwerb stets mit ihren eigenen Finanz-, Rechts- und Steuerberatern erörtern. 15

18 Sollten sich ein oder mehrere der folgenden Risiken realisieren, könnte dies zu einem erheblichen Kursrückgang der Teilschuldverschreibungen oder im Extremfall zu einen Totalverlust der Zinsen und des von den Anlegern eingesetzten Kapitals führen. Risikofaktoren in Bezug auf die Teilschuldverschreibungen Risikofaktoren hinsichtlich der Kreditabhängigkeit der Teilschuldverschreibungen Die zu begebenden Teilschuldverschreibungen sind abhängig von einem oder mehreren privatwirtschaftlichen bzw. hoheitlichen Schuldnern (die "Referenzschuldner") und daher von dem Eintritt ein oder mehrerer Kreditereignisse (wie nachstehend definiert). Sie können darüber hinaus auch von Auslösenden Ereignissen (wie nachstehend definiert) bezüglich dieser Referenzschuldner abhängig sein (zusammen "Abhängigkeitsereignisse"). Ein Kreditereignis tritt ein, wenn während des maßgeblichen Beobachtungszeitraums bestimmte Umstände eintreten, die eine wirtschaftlich nachteilige Auswirkung auf den Referenzschuldner haben, insbesondere Insolvenz, Nichtzahlung einer Verbindlichkeit, Restrukturierung, Vorzeitige Fälligkeit einer Verbindlichkeit, Nichtanerkennung/Moratorium, wie in den Endgültigen Bedingungen festgelegt ("Kreditereignis"). Darüber hinaus können die Endgültigen Bedingungen eine potentielle Nichtzahlung vorsehen. Eine potentielle Nichtzahlung ist kein Kreditereignis. Sie liegt vor, wenn der Eintritt einer Nichtzahlung droht, weil eine gegen Ende des Beobachtungszeitraums noch nicht abgelaufene Nachfrist im Rahmen der Zahlungsverpflichtung gemäß den Endgültigen Bedingungen zu berücksichtigen ist ("Potentielle Nichtzahlung"). Tritt in diesem Fall bei Ablauf der Nachfrist und/oder einer entsprechenden Verlängerungsfrist unter den Teilschuldverschreibungen schließlich eine Nichtzahlung ein (infolge der Potentiellen Nichtzahlung), so gilt diese Nichtzahlung, obwohl sie erst nach dem Ende des maßgeblichen Beobachtungszeitraums eingetreten ist, als maßgebliches Kreditereignis, das den Anleihegläubigern angezeigt werden und somit Auswirkungen auf die Teilschuldverschreibungen nach Maßgabe der Endgültigen Bedingungen haben kann. Sehen die Endgültigen Bedingungen keine Potentielle Nichtzahlung vor, ist das Risiko, dass eine Nichtzahlung eintritt, noch größer, da etwaige Nachfristen im Rahmen der Zahlungsverpflichtung nicht berücksichtigt werden, z.b. eine Nichtzahlung würde sofort eintreten, wenn Zahlungen ab einem bestimmten Schwellenbetrag nicht bei Fälligkeit geleistet werden. Ein auslösendes Ereignis tritt ein, wenn während des betreffenden Beobachtungszeitraums (i) der auf den bzw. einen der Referenzschuldner bezogene Credit Default Swap Spread eine bestimmte Höhe überschreitet, (ii) der gewichtete Durchschnitt der auf die einzelnen Referenzschuldner bezogenen Credit Default Swap Spreads eine bestimmte Höhe erreicht oder überschreitet, oder (iii) der Marktpreis der Teilschuldverschreibungen eine bestimmte Höhe unterschreitet, je nach Festlegung in den Endgültigen Bedingungen ("Auslösendes Ereignis"). Der Credit Default Swap Spread ist der marktübliche Briefkurs, der für einen Hypothetischen Credit Default Swap mit einer bestimmten Laufzeit und einem bestimmten Nominalbetrag, der die entsprechende Kreditabsicherung gewährt (wie in den Endgültigen Bedingungen festgelegt), zu zahlen wäre. Bei Eintritt eines Abhängigkeitsereignisses werden die Teilschuldverschreibungen möglicherweise nicht mehr oder nur mit einem reduzierten Zinssatz verzinst. In Bezug auf Teilschuldverschreibungen, die keinen Kapitalschutz vorsehen ("Derivative Teilschuldverschreibungen") können solche Abhängigkeitsereignisse darüber hinaus zu einer Rückzahlung bei Fälligkeit oder zu einer vorzeitigen Rückzahlung (i) zu einem Barausgleichsbetrag (nach Eintritt eines oder mehrerer Kreditereignisse), einem Spread Barausgleichsbetrag oder einem Trigger Barausgleichsbetrag (nach Eintritt von Auslösenden Ereignissen) (zusammen "Barausgleichsbetrag") oder (ii) durch Lieferung einer bestimmten Anzahl von Anleihen, Darlehensforderungen oder anderen lieferbaren Verbindlichkeiten eines Referenzschuldners ("Lieferbare Verbindlichkeiten"), die in den Endgültigen Bedingungen 16

19 festgelegt sind und von der Emittentin nach eigenem Ermessen ausgewählt werden, führen. Daher stellt der Kauf einer Derivativen Teilschuldverschreibung für den Anleger auch eine Investitionsentscheidung in Bezug auf den bzw. die Referenzschuldner dar. Die Ermittlung des Barausgleichsbetrages kann auf dem Marktwert bestimmter Referenzverbindlichkeiten des betroffenen Referenzschuldners basieren. Der Wert einer Referenzverbindlichkeit(en) oder einer Lieferbaren Verbindlichkeit(en) kann nach Eintritt eines Kreditereignisses erheblich geringer sein als ihr Nennwert. Daher kann es sein, dass bei Fälligkeit zu leistende Zahlungen, überhaupt nicht oder nur in reduziertem Umfang erfolgen. Sind die Teilschuldverschreibungen an ein Portfolio aus Referenzschuldnern gebunden, in Bezug auf die, die Endgültigen Bedingungen eine kontinuierlich errechnete Barausgleichszahlung nach jedem Kreditereignis, dass in Bezug auf die Referenzschuldner eintritt vorsehen, unterliegen die Teilschuldverschreibungen einer Anpassung des (Vorzeitigen) Rückzahlungsbetrags, der gezahlt würde, wenn kein Kreditereignis eingetreten wäre, wobei der entsprechende Endkurs der betroffenen Referenzverbindlichkeit berücksichtigt wird. Bei Eintritt eines Auslösenden Ereignisses können die Endgültigen Bedingungen vorsehen, dass die Berechung des zahlbaren Betrags grundsätzlich entweder auf (i) dem aktuellen Marktwert der Teilschuldverschreibungen oder (ii) der Entwicklung eines oder mehrerer Hypothetischer Credit Default Swaps in Bezug auf die Referenzschuldner basiert. Bei Eintritt eines Abhängigkeitsereignisses erhalten die Anleger daher möglicherweise nur einen Bruchteil des eingesetzten Kapitals zurück oder erleiden einen Totalverlust des eingesetzten Kapitals und Zinsverluste. Darüber hinaus besteht ein Wiederanlagerisiko. Der Eintritt von Abhängigkeitsereignissen kann sich überproportional auf die Teilschuldverschreibungen auswirken, wenn (i) der Nennbetrag der Teilschuldverschreibung niedriger ist als die Summe der gewichteten Beträge aller Referenzschuldner und Abhängigkeitsereignisse die Zahlungen unter den Teilschuldverschreibungen nicht proportional zu ihrer Gewichtung sondern in Höhe des absoluten Gewichtungsbetrages betreffen, oder (ii) der gewichtete Betrag des betroffenen Referenzschuldners mit einem Faktor multipliziert wird. Wenn ein Schwellenwert definiert ist, betreffen Abhängigkeitsereignisse die Zahlungen unter der Teilschulverschreibung nicht direkt, solange die eingetretenen Abhängigkeitsereignisse unter diesem Schwellenwert bleiben. Im Falle der (vorzeitigen) Rückzahlung durch physische Lieferung müssen sich potentielle Anleger bewusst sein, dass als Folge der physischen Lieferung, Anleger und ihre Investition nicht mehr nur von der Kreditwürdigkeit der Emittentin abhängen, sondern auch vom Wert der Lieferbaren Verbindlichkeiten, die geliefert werden. Der Wert dieser gelieferten Verbindlichkeiten kann erheblich geringer sein als das vom Anleger eingesetzte Kapital und kann in extremen Fällen auch Null betragen. Neben dieser Kreditabhängigkeit können die Teilschuldverschreibungen auch von Basiswerten abhängen, d.h. der bei Rückzahlung fällige Betrag und/oder Zinszahlungen auf die Teilschuldverschreibungen sind an die Wertentwicklung bestimmter zugrunde liegender Basiswerte, z.b. Aktien, Aktienkörbe, Währungen, Währungskörbe, Zinssätze, strukturierte Zinssätze, Indizes und Indexkörbe (die "Referenzwerte") geknüpft. Da die Teilschuldverschreibungen zusätzlich zu der Kreditabhängigkeit auch eine Abhängigkeit von Referenzwerten vorsehen können, besteht für die Anleger wie vorstehend beschrieben ein kumulatives oder exponentiell höheres Risiko (weitere Risiken hinsichtlich der Abhängigkeit von Referenzwerten finden sich im nachstehenden Abschnitt "Zusätzliche Risiken betreffend Teilschuldverschreibungen bezogen auf Basiswerte"). Die Teilschuldverschreibungen begründen kein Rechtsverhältnis zwischen den Inhabern der Teilschuldverschreibungen (die "Anleihegläubiger") und den Referenzschuldnern und die 17

20 Anleihegläubiger haben im Verlustfall keinen Rückgriffsanspruch gegen den jeweiligen Referenzschuldner. Sollte sich während der Laufzeit der Teilschuldverschreibungen die Bonität zumindest eines Referenzschuldners deutlich verschlechtern, ohne dass unmittelbar ein Kreditereignis eintritt, kann dies erheblichen negativen Einfluss auf die Marktpreisentwicklung der Teilschuldverschreibungen haben. Die Korrelation zwischen Referenzschuldnern kann den Marktpreis der von mehr als einem Referenzschuldner abhängigen Teilschuldverschreibungen beeinflussen. Abhängig von der Struktur der Teilschuldverschreibungen kann eine Änderung der Korrelation positive oder negative Auswirkungen auf den Marktwert der Teilschuldverschreibungen haben. Die Endgültigen Bedingungen können Bonitätsbewertungen von privaten Ratingagenturen bezüglich der Referenzschuldner aufführen. Ein Rating stellt trotz seiner weit verbreiteten Anwendung lediglich eine komprimierte Bewertungsgröße der Zahlungsfähigkeit eines Emittenten dar. Die Einflussgrößen für das Zustandekommen eines Ratings sind nicht immer transparent. Die Ratingagenturen weisen ausdrücklich darauf hin, dass ihre Ratings lediglich zur Unterstützung und nicht als Ersatz für eigene Analysen dienen. Durch Fusionen oder andere Ereignisse kann sich der Referenzschuldner bzw. bei mehreren Referenzschuldnern die Zusammensetzung des Referenzschuldnerportfolios verändern. Das aus einer solchen Änderung möglicherweise resultierende Risiko tragen die Anleihegläubiger. Die Emittentin, die Feststellungsstelle und ihre verbundenen Unternehmen verfügen möglicherweise über Informationen in Bezug auf Referenzschuldner, die nicht öffentlich zugänglich oder den Anleihegläubigern nicht bekannt sind. Dies kann zu Interessenkonflikten führen. Allgemeine Risiken hinsichtlich des Werts der Teilschuldverschreibungen und damit zusammenhängende Anlagekosten Der Markt für von deutschen Unternehmen und Banken begebene Anleihen wird von volkswirtschaftlichen Faktoren und dem Marktumfeld in Deutschland sowie unterschiedlich stark vom Marktumfeld, Zinssätzen, Devisenkursen und Inflationsraten in anderen europäischen und sonstigen Industrieländern beeinflusst. Es kann nicht garantiert werden, dass sich ein aktiver Markt für den Handel mit den Teilschuldverschreibungen entwickelt oder ein solcher aufrechterhalten wird. Entwickelt sich kein aktiver Markt für den Handel mit den Teilschuldverschreibungen oder wird dieser nicht aufrechterhalten, kann dies nachteilig auf den Markt- oder Handelspreis der Teilschuldverschreibungen und die Möglichkeit wirken, die Teilschuldverschreibungen zu einem beliebigen Zeitpunkt zu verkaufen. Beim Kauf und Verkauf von Teilschuldverschreibungen fallen neben dem aktuellen Preis der Teilschuldverschreibung verschiedene Neben- und Folgekosten (u.a. Transaktionskosten, Provisionen und Depotentgelte) an. Diese Nebenkosten können das Gewinnpotential der Teilschuldverschreibungen erheblich verringern oder sogar ausschließen. In Falle der Physischen Lieferung können die Anleger verpflichtet sein, alle Kosten, Gebühren, Ausgaben und Steuern, die mit der Lieferung der Lieferbaren Verbindlichkeiten in Zusammenhang stehen, zu tragen. Die Anleihegläubiger sollten nicht darauf vertrauen, dass sie während der Laufzeit der Teilschuldverschreibungen Geschäfte abschließen können, durch deren Abschluss sie in der Lage sind, ihre Risiken im Zusammenhang mit ihren Teilschuldverschreibungen auszuschließen. 18